Manufactured Homes Reverse Mortgage

Manufactured Homes Reverse Mortgage

 

Usually Reverse Mortgages are not applicable to manufactured home or co-operative apartments. But there are a few lenders who offer reverse mortgages on manufactured homes like Reverse Mortgage Lenders Direct. Equity needs to be available for the Manufactured Reverse Mortgage Loans to be approved – simply take the amount that your home can appraise for and subtract.

 

HUD defines a manufacture or mobile home as a structure that is transportable in one or more sections, and is designed and constructed to the Federal Manufactured Construction and Safety Standards and is so labeled. FHA guaranteed reverse mortgage on manufactured or mobile homes has the following criteria and features unlike a standard home equity line of credit.

 

Manufactured Home Reverse Loan Requirements

1. At least 400 square feet minimum floor area
2. Built after June, 15 1976, to the Federal Mobile/Manufactured Home Construction and Safety Standards as evidenced by an affixed certification label.
3. Property is classified and taxed as real estate and is designed to be used as a dwelling with a permanent foundation built to FHA requirements.
4. Built and remains on a permanent chassis.
5. Mortgage covers both the unit and its site, and has a term of not more than 30 years from date that amortization begins.
6. Finished grade beneath home is at or above the 100-year flood elevation.

 

If you own a manufactured home and are unsure whether your home meets the requirements mentioned above, please feel free to call us on our toll free phone service 877-700-0534 or check for more information on http://www.reversemortgagelendersdirect.com

 

To Qualify for a manufactured reverse mortgage

 

• must be 62 years old (those 60 days from birthday will also qualify)
• must own the home
• have equity in the property (difference between any what the home is worth versus what is currently owed on the mortgage)
• never have defaulted on government debt
• Manufactured homes built after 1976
• must be permanently affixed to the property
• property must be taxed as real property
• skirting is a must – (acceptable perimeter enclosure)
• wheels, axels, hitch must be removed

But don’t forget, Manufactured homes in a park may work, but you MUST own the land. If you pay rent reverse mortgages probably won’t be a solution for you.

• hecm reverse mortgage
• hud reverse mortgage
• reverse mortgage disadvantages
• reverse mortgage information
• reverse mortgage loan
• reverse mortgages for seniors
• reverse mortgages how they work
• reverse mortgages pros and cons

Popular Searches on Reverse Mortgage

Popular Searches

• advantages and disadvantages of reverse mortgage

http://www.reversemortgagelendersdirect.com/advantages-and-disadvantages-reverse-mortgage/

• buy a home with a reverse mortgage purchase loan

http://www.reversemortgagelendersdirect.com/buy-a-home-hecm-reverse-loans-for-purchase/

• HECM saver reverse mortgage

http://www.reversemortgagelendersdirect.com/hecm-saver-reverse-mortgage/

• how does a reverse mortgage work

http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/

• how much money can i get with a reverse mortgage

http://www.reversemortgagelendersdirect.com/how-much-money-can-i-get-with-a-reverse-mortgage/

• is a reverse mortgage a good idea

http://www.reversemortgagelendersdirect.com/is-a-reverse-mortgage-a-good-idea/

• is a reverse mortgage right for you?

http://www.reversemortgagelendersdirect.com/reverse-mortgage-right-for-you/

• is it the right time for a reverse mortgage

http://www.reversemortgagelendersdirect.com/is-it-the-right-time-to-get-a-reverse-mortgage/

• reverse mortgage cons

http://www.reversemortgagelendersdirect.com/reverse-mortgage-cons/

• reverse mortgage myths

http://www.reversemortgagelendersdirect.com/reverse-mortgage-myths

• reverse mortgages vs annuities

http://www.reversemortgagelendersdirect.com/reverse-mortgages-vs-annuities

• what is a reverse mortgage

http://www.reversemortgagelendersdirect.com/what-is-a-reverse-mortgage/

• when and how repayment begins HECM reverse mortgage

http://www.reversemortgagelendersdirect.com/when-how-repayment-begins-hecm-reverse-mortgage/

• who qualifies for a reverse mortgage

http://www.reversemortgagelendersdirect.com/who-qualifies-for-a-reverse-mortgage/

What are the Benefits of a reverse mortgage loan ?

What are the Benefits of a reverse mortgage loan ?

• keep ownership of the property
• never have another mortgage payment
• income is tax free (proceeds/funds you receive are tax free)
• select how you want to receive your income (monthly, lump sum, both)
• you can sell home at any time
• you can leave home for heirs
• you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)

In addition, the home itself must be of a type that qualifies for the reverse mortgage program. The vast majority of single family homes qualify, as do most condominiums, townhomes, 2-4 unit owner-occupied dwellings and manufactured homes. Your income and credit levels, however, do NOT matter.

To go through the process of getting a reverse mortgage you will need to speak with a reverse mortgage originator or provider. This person will guide you through the preliminary steps, including counseling, home appraisals, inspections, and choice of loan specifics. It is very important to feel comfortable with your lender. Feel free to speak with as many people as you need in order to gain information and feel comfortable. Click here forReverse Mortgage Rates.

Videos

Reverse Mortgage


What is a HECM Reverse Mortgage and How does it work!


Is my home eligible for a Reverse Mortgage


Reverse Mortgage appraisal


Who qualifies for a Reverse Mortgage


Reverse Mortgage is tax free and does not affect social security or Medicare


Reverse Mortgage fees and closing costs


Reverse Mortgage heirs

HECM loans & Estate Heirs

Pros and Cons!

Reverse Mortgage Pros and Cons

The upsides of reverse mortgages

§  You can choose how to receive the money: fixed monthly payment, lump sum, line of credit or some combination of these options.

§  Income from reverse mortgage generally does not affect Social Security or Medicare benefits.

§  If you “outlive the loan,” meaning you receive more in payments than your home is worth, you will never owe more than the value of the home, according to the Federal Trade Commission, or FTC.

§  Reverse Mortgage Loans advances are generally not taxable.

§  Most loans do not have income requirements.

§  Homeowner retains title to home.

§  No payments are due until last surviving borrower dies, sells home or no longer lives in home as primary residence.

§  HECM Reverse Mortgage programs allow borrower to live in nursing home or other medical facility for up to 12 months before loan becomes due.

§  After the home is sold and the loan and fees are paid to the lender, any remaining equity in the home belongs to you or your heirs.

The downsides of reverse mortgages

§  Reverse mortgage proceeds could impact Medicaid eligibility.

§  Borrowers must be at least 62 years old to qualify.

§  Lenders generally charge origination fees and other closing costs.

§  Lenders require free debt counseling prior to loan application.

§  Lenders may charge servicing fees during term of the mortgage.

§  Debt increases over time as interest is charged to outstanding balance of loan.

§  Most Reverse Mortgage Loans have variable interest rates tied to short-term indexes, such as the one-year Treasury bill or LIBOR. Fixed Rate Loans are available.

§  As home equity is used up, fewer assets are available to leave to heirs.


§  Interest is not tax deductible until the loan is paid off.

§  Borrowers are responsible for paying taxes, homeowners insurance, maintenance costs and other expenses. If they don’t, the loan may become due.

In addition, you can never owe more than the value of your home. Even if you have been paid more than your home is worth, you can only owe the value of your home. When the loan comes due, you or your heirs can either pay off the loan with existing funds or sell the house in order to satisfy the loan. Excess proceeds from the sale go to your or your estate. If you still have doubts, check this: Reverse Mortgage Lenders Direct

Reverse Mortgage? How they work?

Reverse mortgages, how they work?

Introduction to Reverse Mortgages

What is a reverse mortgage - a government insured home mortgage loan specifically designed for seniors who want/need to release equity from their home.

Who Can Qualify For a Reverse Mortgage

§  must be at least 62 or older

§  own a home (Primary Residence)

§  have equity in the home

§  never have defaulted on government debt

What are the Benefits of a reverse mortgage loan ?

§  keep ownership of the property

§  never have another mortgage payment

§  income is tax free ( proceeds/funds you receive are tax free)

§  select how you want to receive your income ( monthly, lump sum, both)

§  you can sell home at any time

§  you can leave home for heirs

§  you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)

“Now that you have been introduced to the HECM reverse mortgage definition, qualification process, we can cover how does a reverse mortgage work!”

Reverse Mortgage Disadvantages

This is a loan, therefore when both borrowers pass away or move homes they will pay the loan back, also there are closing costs associated with this mortgage, but by using our free service to compare multiple lenders this wont be a disadvantage. Check out Reverse Mortgage Loans!

How reverse mortgages work?

The reverse mortgage allows you to tap into your homes equity, this money is tax free and you can spend it as you wish. This is the only mortgage which is senior friendly as it does not require you to have income or credit scores.

To find out how much you can receive visit: Reverse Mortgage Calculator

To find out more visit Reverse Mortgage Information